CIDCO nets over Rs 525 crore through auction of 11 plots in Kharghar

The City and Industrial Development Corporation (CIDCO) has received bids worth Rs 525 crore for the auction of land parcels totaling 7.4 acre in Kharghar locality of Navi Mumbai.

The bids for all 11 plots are nearly 2 to 4 times higher than the reserve price set by the authority. All land parcels are located in sector 11 of Kharghar and will be open for both commercial and residential development.

One of the plots has received the highest bid of Rs 2.11 lakh sq meter, which will be counted amongst the most expensive land transactions in Navi Mumbai. The base price for the plots ranged from Rs 55,000 to Rs 68,000 per sq meter.

While the auction has witnessed participation of several real estate developers operating in Mumbai and Thane property market, Navi Mumbai-based developers have outbid them to acquire these land parcels.

Realty developers including Uma Infratech, ECASO Ventures, Nucleus, Infinity Infra, Future Icon Builders LLP have emerged as the highest bidders for the plots.

These plots auctioned through electronic process can be developed with base floor space index or the ratio of permissible development on the said land parcel, of 1.5 times.

“The demand for housing has bounced back and the response to the CIDCO auction makes it evident that the infrastructure development including metro and an airport will push the attractiveness of the zone further. The proposed international corporate park development is also prompting more participation from developers,” said Rajesh Prajapati, founder president, CREDAI-MCHI Raigad.

Over the last few years, Navi Mumbai has gained smooth connectivity due to its suburban railways, highways and network of internal roads. The city, known to be the satellite city of the country’s financial capital Mumbai, will soon have global connectivity with the development of Navi Mumbai International Airport.

Kharghar is one of the developed nodes of Navi Mumbai and it houses a number of educational institutions. Apart from the upcoming Metro Rail, the node has a golf course and is in close proximity to the upcoming international airport in Navi Mumbai.

The government is also planning to develop a business district spread over 308 acres on the line of Bandra-Kurla Complex (BKC).

CIDCO has recently decided to adopt certain provisions of the recently introduced Unified Development Control Promotion Regulations (UDCPR) for rapid and efficient development of the Navi Mumbai Airport Influence Notified Area (NAINA).

To prevent haphazard development around the Navi Mumbai International Airport, CIDCO has proposed the development of NAINA on 371 sq km of land from the Thane and Raigad districts. This development aims to develop a sustainable city with residential, commercial, educational, and all other basic civic facilities.